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Fixed Deposit calculation
Hello friends want to know how banks are calculating FD's. for eg. FD Keep for 399 days @ 7.75% for (senior citizen) rs 1 lakh MIS calculated rs 642/- and same amt kept for 333 days @ :7.90% for (senior citizen) comes to rs. 652. how banks are calculating this interest. I am not able to work it out. can anybody solve this.
Replies (3)
Principal amount x Rate of interest x no.of days ÷ 365 or 366 days = interest amount per year
try bank calculator. formula will be there.
If you calculated by it's simple formula
100000 X 7.75% = 7750 yearly Interest & if you divide by 12 it is coming around 645 & the same is for 7.90%
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